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Volatility will last to the end of the year, says F&C

F&C Investments says that although the worst is over, the financial markets will be volatile for the rest of 2007 and there will be some high profile problems in individual companies, sectors and markets.

F&C Investments head of global equities Jeremy Tigue says the last week has been marked by two significant events.

He says: “The first was the run on Northern Rock, a top five UK mortgage lender, and the response from the UK’s Chancellor of the Exchequer, effectively guaranteeing all retail deposits in UK banks. This unprecedented intervention should underpin Northern Rock and start to create calmer conditions in UK credit markets.

“The second was the 50 basis point cut in the US Federal Funds rate and discount rate yesterday. This was greater than expected and was clearly designed to send a signal to markets that the US central bank, like the Bank of England, would do whatever it takes to prevent problems in the credit markets spreading to the ‘real’ economy.”


Mortgage lending fell by 6 per cent in August

Gross mortage lending by banks, building societies and specialist lenders fell by 6 per cent in August compared with July, according to the Council of Mortgage Lenders.Lending has fallen from £34.1bn in July to an estimated £32.2bn in August. The CML says these figures relate to a period when the current wholesale funding pressures in […]

Six questions for providers

The protection gap will only close if product providers commit at least 10 times more cash to educating consumers, says Lifesearch managing director Tom Baigrie.Baigrie also challenged providers to answer six questions on the marketplace.He said providers spend less than 3 per cent of their turnover on communicating directly with consumers but they should be […]

Mexican twist

The R word is with us again. Recession in the US brought about by the parlous state of its housing market and by the squeeze being put on businesses by the drying up of liquidity is now being talked about openly. Other developing economies have been growing strongly but the health of the US economy […]

Carby made Openwork chief

Foster Denovo founding executive chairman Keith Carby has been confirmed as new chief executive of Openwork, replacing Stephen Leaman.


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